Reports &
Financial
Statements
For the year ended 31 March 2021
Royal Commonwealth
Ex-services League
Company number: 10922587
Charlty number: 1174874
Contents
Charfty Snlorn•tltsn
Truste21' V•PQrt
io
Indryondont•udlto¢s rEPOrt
11-13
St*m•nl oi nn•ncl•l
Balant•she•t
5tsternentolt*h flows
16
Notes to the finDncl•l Jt•tements
17-32

Royal Commonwealth Ex-services League
Charity information
Charlty reglstratlon number:
1174874
Company registration number:
10922587
Princlpal office:
199 Borough High Street, London SEI IAA
Patron:
Her Maje5tyThe Queen
Grand President:
General The Lord Richards of Herstmonceux GCB CBE DSO
Deputy Grand President:
Major General Gl Mitchell CB MBE land Trustee)
Trustees:
Mrj M Archer
Colonel l M Bowles M8E
Malor U Cleminson BEM TD
Colonel P A Davis CBE
Major General C H Elliott CVO C8E
Brigadier A W Freemantle C8E DBA
Lieutenant Commander M R Hawthorn RN
Mr A L Holme5 OBE
Brigadier J C L Klng MBE
Colonel A J Martin ONZM
Colonel M M Slattery RRC
Mr5 E Strout5
Mrs E A Watkins DL
Bri8adier D A Wllllams MBE
Honorary Recorder:
Colonel M J Winarick 08E
Honor•ry Legal Advlser:
MrTEJCase
Honorary Medl¢al Advlser:
Major General D S Jolliffe CB FRCP
Secretary General..
Lieutenant Colonel C F Warren
Controller Flnance:
Malor DThompson
Bankers:
National Westminster Bank plc
65 Piccadillv
London WIA 2PP
Independent audltor:
Mazars LLP
6 Sutton Plaza
Sutton Court Road
Sutton
SurreySMI 4JQ

Royal Commonwealth Ex-services League
Charity infomiation
Investment managers:
Newton Investment Management Llmited
160 Queen Vlctoria Street
London EC4V 4LA
Sollcltors:
Withers
16 Old Bailey
London
EC4M 7EG

Royal Commonwealth Ex-services Leagu8
Trustees, report
Introductlon from The Honorary Treasurer
This Report and Accounts covers for the first time, a 12-month accounting period, in line with the tax year
running from April to the following March. This report will not be directly comparable with that of the
previous year as It covers a 12-month period, rather than the 1S-month period required last year in order to
realign the accounting year from a calendar year to a flnanclalltax year.
The key driver for the change in accountin8 period was the impact of the Accountable Gront Arrangement
IAGAI that we entered into, in partnership with the Foreign, Commonwealth and Development Office
IFCDOI, formerly the Department for International Development IDFIDI. As reported last year, the AGA is
game-chan8ing, not only for the increase in value of individual grants to beneficiaries, but also in the wav
that the League conduct5 Its business.
A little more than a year ago, very few people predicted that the COVID-19 pandemic would either last as
lon8 as it has, or, have the devastatin8 Impact that it ha5 had on so many lives, or, indeed, have driven such
levels of change, both in working practices and in personal live5. These changes have affected the Lea8ue In
the same way as everyone else. International travel has proved impossible and our Member OrBanisations
around the world have had to adapt to the measures imposed by their respective governments. In the UK,
the HQ Staff have been working from home, with only occasional, essential visits to the office and all key
meetings Sncluding the Executive Committee, Finance Sub-committee and Commonwealth Council & Annual
General Meeting have all been held vlrtuallv.
The League'5 income, Ilke that of all charities, has been adversely impacted, with donations lower than
bud8eted and realistically expected over a comparable 12-month period. Investment performance was also
affected, as was the income 8enerated in interest payments in the League's various deposlt accounts. At the
same time, demand for veterans, support has grown, driven both by greater awarene55 of the
Commonwealth Veterans, Programme and also the effect5 Of the pandemic. The impact of these chan8es
wlll be covered later in this report.
Despite the challenges posed by the COVID-19 pandemic, the League - through its network of Member
Or8anisations- ha5 successfully continued to support our beneficiaries around the world, providing much
needed food grants at time when many veterans and widows have been particularly vulnerable.
Publlc Beneflt
The Trustees present their report and the financial statements for the perlod ended 31 March 2021. AII
charities must have charitable purposes which are for the public benefit. Thi5 requirement is reinforced
under The Charities Act 2011, which removes the presumption that charities that existed prior to that date
to advance education or religion or to relieve poverty are for public benefit. The Royal Commonwealth Ex-
Services League (the Leaguel does not promote religion or educatlon but exists to relieve poverty by
providing support to eligible Commonwealth Ex-service men and women and widows if in need.
There are two key principles of public beneflt and the relevant ones for the League are that:
Principle l.. There must be an identifiable benefit or benefit5 which are cleor and related to the League's
aim.
Principle 2.. Benefit must be to the public or to a section of the public.
As a consequence of the law, the Trustees are required io disclose how they provide public benefit during a
given accounting period. In the case of this report, it is the year l April 2020- 31 March 2021.

Royal Commonwealth Ex-ServiGes League
Trustees, report
There is little additional information required of the League by the Charity Commission as the League already
meets the requirements of The Charities Act 2011. In some cases, additional irbformation is provided to
explain clearly how the League meet5 Public Benefit guidelines.
The League was incorporated on 18 August 2017,. on l January 2018 the activitie5 and a55ets of the
unincorporated charity were transferred into this entity. The unincorporated charity was founded in 1921
and, since then, it is estimated that more than one million people have been provided with welfare support
in order to relieve poverty. The League is confldent that all applicable guidelines for meetin8 public benefit
in 2020121 have been met.
Structure, Governance and Management
Organlsatlonal structure
The League, a Prlvate Company Limited by Guarantee, is governed by its Articles of Assoclation, Objects and
Rules approved at a Special Conference in 2017. Executive power is vested in the Grand President, and in the
Commonwealth Council, whlch comprises Members representing the 57 Member Or8anisations. This
Council meets once a year. An Executive Committee is appointed by the Commonwealth Council and a
Secretary General and Controller Finance appointed by the Grand President who, together with four other
office staff, are responsible for delivering welfare 5upporl, the administratlon of the affairs of the Charitv
and for advisin8 on the content and procedures of Conference. The procedure for the election of Trustees Is
laid down in the CharitV'5 Articles of Association and detailed in the Standing Orders for the Executlve
Committee. The Members of the Executive Committee are the Trustee5 who are also Directors.
Two Trustees are ex.officio appointments and other Trustees are recruited by experience when knowledge
of a particular field - for example, legal, medical or financial- is required.
Once Selected, a Trustee will receive a personal briefing from the Secretary General, who will explain the
detailed workings of the League and their role withln It and they will receive a booklet entitled 'Duties and
Responsibilities of a Trustee, Trustees are kept fully informed of any changes that could Impact on them or
on the Charity. Each year training and advice is given to all Trustees by Mazars LLP at the Trustees, meeting
in April and Trustee5 are invited to attend traininB seminars organised by Newton Investment Management
and Mazars. The Secretary General and the Controller Finance a150 attend relevant seminars and advise
Trustees as required.

Royal Commonwealth Ex-services League
Trustees, report
Membershlp of Committees and Sub-committees
Members of Standin
Committe
on Welfare Pro
rammes
Brigadier J C L Kin8 M8E
8rigadier A W Freemantle CBE DBA
Mr T D Irvine CD
Mrs E A Watkins DL
Major U Cleminson BEM TD
Mr A Baines
Major General C H Elliott CVO CBE
Lieutenant Commander M R Hawthorn RN
Colonel A J Martin ONZM
Mrj M Archer
Chairman
Australia IExecutive Committee Member)
Canada, Dominion President
Canada (Executive Committee Memberl
The Royal Brltish Legion, National Chairman
The Roya1 British Leglon, Director of Operations
South Africa (Executive Committee Member)
The Legion Scotland, Chairmar)
New Zealand IExecutlve Committee Member)
RCEL Honorary Treasurer
Members of Finance Sub-committee:
Mr J M Archer
MrTEJCase
Mr P I W Henderson
MrORMMar5h
Chairman
Members of Penslons Committee..
Mrj M Archer
Lleulenant Colonel C F Warren
Major D Thompson
Chairman
Secretary
Statement of Trustees, Responslbllltles
Law applicable to charities in England and Wales requires the Trustees to prepare financlal statements for
each financial year which 8ive a true and fair view of the state of affalrs of the Charity a5 at the balance sheet
date and of its income and expenditure for the financial year. In preparing those financial statements, the
Trustees afe required to:
select suitable accounling policie5 and then apply them consistentlv-
make judgements and estimates that are reasonable and prudent,.
comply with applicable accounting standards subject to any material departures di5c105ed and
explained in the financial statements- and
prepare the financial statements on the going concern basis unless It Is inappropriate to presume
that the Charity will continue in operation.
The Trustees are responsible for keeping proper accounting records which dlsclose with reasonable accuracy
at any time the financial position of the Charity and to enable them to ensure that the financial statements
comply with The Charitie5 Act 2011. They are also responsible for safeguarding the assets of the Charity and
hence for taking reasonable steps for the prevention and detection of fraud and other irre8ularities.

Royal Commonwealth Ex-services League
Trustees, report
Relationship wlth Related Parties and Other Charltles
In addition to distributing its own funds, the Charlty acts for over 40 UK-based Service and Regimental
charities in channelling funds overseas to appropriate beneficiaries. The key Service charities are The Royal
Navy and Royal Marines Charity, ABF The Soldier5, Charity, The Royal Air Force Benevolent Fund, The Royal
British Legion and The Officers, Association. Any money held on behalf of such organi5ations is included in
restricted funds.
The Charity also holds funds in deposit accounts for five of its Member Organisations. These funds are
entirely under the control of these Drganisotions and are held separately from the Charity's own funds.
Statements of Account are sent every slx months to these Member Organisations. The Charity also holds
restricted funds on deposlt for The Askari Appeal which it draws down for designated beneficiarles of the
appeal when Instructed by the Trustees of The Askari Appeal (these are included within restricted funds in
note 191.
Objects and Actlvltles
The Charity operates outside the Unlted Klngdom looking after the welfare of ex-servlce men, women and
their widows and widower5 of Commonwealth countries who have at Some tlme served the British Crown
prior to the independence of thelr own country and who are now living in poverty. Earl Hai8 founded the
Charity in 1921 and its scope greatly increased followin8 the Second World War. Today there are 57
Member Organisations in 48 countries, stretching from the Carlbbean, across West, East and South Africa,
the Indian sub-continent to South-Ea5t Asia, the Pacific and Australasia.
The Charity acts as a link throughout the Commonwealth for many ex-service or8anlsations and provide5
fSnancial assistance for ex-service men, women and thelr widows and widowers whose difficulties are
beyond the mean5 of their local organisations. Financial support is also 8lven to self-help projects that will
generate income for local welfare.
The Object is that no eligible ex-servlce man or woman shall be without help if in need and the Charity's
grant-makin8 policy is formulated accordir)gly.
Achievement5 and Performance
Challenging fundraising targets were set by the Trustees for 2020, in line the League's 5-Year Plan. The
donations target was not achieved because, like all charitles, the League's income fell this year and we did
not have the benefit of either the Poppy Ball donation or a major legacy comparable to the generous one
provided from Mrs Zoè Taylorfs estate last year. Expenditure on grants was above budget and this was
entirely driven by an increase in the number of beneficiaries supported, a si8niflcant proportion of which
were widows from countrie5 which had not previously supported them. The additional beneficiaries more
than offset the natural attrition of our ageing veterans and widows and, as a result, the original actuarial
numbers forecast for the remainder of the programme are likely to be exceeded. On this basis, an updated
actuarial forecast was commissioned to enable financial modelling to be completed to assess options and
mitigate future risk. Ultimately the League has been able to support more beneficiaries Wlth a higher value
grant. Other cost lines were tightly controlled and were delivered well under budget.

Royal Commonwealth Ex-servicos League
Trustees, report
Flnancial Review
During the 12 months to 31 March 2021, the League d15tributed £4,568,454 on welfare115-month period
ended 31 March 2020: £5,303,690). The net expenditure Ibefore gainslllossesl on investment assets) from
the 12-month period's operations was £1,012,943115-month period ended 31 March 2020.. £120,405). The
underlyin8 unrestricted result for the 12-month perlod ended 31 March 2021 was net expenditure of
£381,830 Ivear ended 31 March 2020.. net income of £461.4211. At the end of the year total funds
amounted to £2,030,46912020: £2,899,532).
Investment Report
The Flnance Sub-committee is responslble for the management of the Lea8Lte's investment portfolio and
relies on information provided by Newton Investment Management Limited, the appointed managers. In
addition to the normal twice-yearly meetings, the Flnance SLsb-Committee meet when required, in order to
ensure diligent management. The investment objective of the portfolio Is to maximise income and capital
available for drawdown, in order to provide financlal assistance to the beneficiaries of the League. The
portfolio is carefully managed in line with the 5-Year Plan drown up by Newton Investment Management
and the Finance Sub-committee.
Thls report is for 12 months to 31 March 2021, which therefore covers the perlod immediately after the
market sell-off triggered by COVID-19. The market Iow5 were recorded in the second half of March 2020. The
investments comprise a holdSng in the Newton Growth and Income Fund for Charitie5 (the Fund).
The initlal market recovery In the second quarter favoured sectors such as tech that were COVID-19
beneficiaries, whilst those that are more highly correlated to the economy generally lagged. The latter
included sectors such as Oil and Gas, Financials, Basic Materials and Consumer SeNices. During this quarter,
the Fund was up 11.3%, slightly ahead of its benchmark of 10.7%. This rally favoured overseas stocks, largely
because the UK market is more heavily weighted towards the laggard sectors.
Equity markets generally traded sldeways in ihe third quarter and until November when the reports of the
vaccine efficacy starteij to come out. Markets then had a second rally that continued into the first quarter of
2021,. however, this favoured the lag8ards from the summer period and the UK relative to overseas. Dealing
with such market rotation proved dlfficult,. however, some themes that were empha5i5ed in the Fund
continued to perform such a5 semiconductor5 and the transition tQ Electric cars since the Fund has a sizeable
exposure to car batterie5.
Gilts had performed very well in the first quarter of 2020, as a safe haven from the turmoil in equity markets.
However, they sold off for the year under review a5 the resilience of the economy became clear. Thirty-year
gllt yields, which had fallen to 0.5% In March 2020, rose to 1.4% by the end of Morch 2021, with a resultant
fall in capital values.
The Fund ￿turn over the twelve month5 wa5 +24.3% against its benchmark of 21.8%. Over the period, the
main market returns in GBP term5 were.. FTSE All-share Index +26.7%.. FTSE World ex-UK Index +40.84%; and
FTA Government All-Stock5 Gilts Index-5.5%. IThe composite benchmark of the Fund 15 50% FTSE All-share
Index. 25% FfsE World ex-UK Index, 20% Government All-stocks Gilts Index and 5% 7-Day GBP LIBID.)
The income received by the Fund was affected by the cancellation or postponement of dividends, Some of
which were driven by corporates conserving cash, and some by the regulators. This was biased towards
those sectors that are heavily represented in the UK market, such as Financials and Oils and Gos. Thi5 Was

Royal Commonwealth Ex-services League
Trustees, report
exacerbated by GBP showing Strength against the USS because a number of UK stocks. such as the
Pharmaceuticals declare a USS dividend. However, this trend is now starting to reverse. Dividend income in
2020 fell by 25%, although we expect an increase of some 15% in 2021.
The outlook remains dominated by COVID-19; however, the data indicates that where conditions allow, the
recovery could well be very strong, with cash balances in working households building up to unprecedented
levels while corporate investment has been deferred. US GDP 15 now bock to only 1% below pre-COVID-19
levels, with the US economy also benefitting from government handouts to household5. Concerns about
inflalion will possibly resurface periodically during the next phase of the recovery,. however, high
unemployment rates and other global deflationary forces are expected to hold inflation in check. A focus on
individual Stocks should help the Fund through this uncertaln period.
Rlsk Assessment
Head Offlce RCEL maintains a comprehensive Rlsk Management Register. Eighteen rlsks are considered and
reviewed on a quarterly basis In line with the Accountable Grant Arrangernent IAGAI for the FCDO (UK Aid)
Programme. Mitlgating action is taken as required. These risks have also been applied to Member
Or8anisation5 overseas and have proved satisfactory. The key risks identified are:
The concern that all military charltles will be affected by reduced Income over the next 10 years and
the reliance on the major military charities to malntain their level of support is not guaranteed. The
impact on fundraising generated by the global Covid pandemlc is a cause of concern. With
reductlon to military service charities income there has been an increase in demand for
services. There ha5 been a knock-on effect across the military charity sedor with all grants bein8
categorised into either must, should or could award. To overcome th15 risk the League is to
strengthen relationships and continue to raise awareness of the plS8ht of some of the poorest and
most vulnerable veterans and widows across the world.
Interruptlon to Business Continuity caused by external events includin8 pandemic, natural disaster,
terrorist activity or major system failure. Thls has been thoroughly tested over the last year with the
office staff working remotely and through increased communication wlth Member Organisations to
establish the onBoin8 Sltuation across the globe and the impact of the Covid pandemic in each
country.
That the signiflcant reduction in the size of the British Armed Forces and the cessation of combat
operations in Iraq and Af8hanistan will reduce public awareness. However, the League's short-term
financial concern5 have been mitigated by the £11.8 million FCDOIUK Aid award for the period 2019.
2024.
Increased risk of fund dlverslon glven the significant increase Sn value of grant5 disbursed. The
governance Df the HQ team ha5 been stren8thened through both the recruitment of an additional
post to allow separation of key financial duties and the production of a finance manual outlining kev
policies, processes & procedure5. Oversight on Member Organi5ations has increased through an
annual due diligence process, the introduction of Quarterly financial reporting and an increased
frequency of visits.
That HQ staff continuity is disrupted due to retirement or resignations. Additional posts have been
recruited to manage the contractual requirements of the FCDO programme which has developed a
broader knowledge base across the whole HQ team.

Royal Commonwealth Ex-services Laague
Trustees. report
Safeguardin8 issues given the vulnerability of our beneficiaries combined with an increase in the
value of their grants. The Safe8uarding policy has been updated and dlstributed to all Member
Organisations. 2 planned Regional training seminars, in Jamaica and Sri lanka, had to be postponed
due to the pandernic. A new online training platform has been developed and 3 training module5
were rolled out to the Member Organisatlons. These were Safeguarding Essentials, IT & Data
Security and Fraud Awareness.
Reserves Pollcy
It Is planned to expend the majority of the League's reserve5 over the next 5 years, during which time the
number of potential beneficiaries is expected to reduce substantially. In effect, the Charity has no reserve5
since the existing assets wlll be consumed on a routine, planned basis over the next five year5, In line with
the FCDO award. The 5-Year Plan is reviewed regularly. Adjustments may have to be made if there is a
significant reduction in welfare support from the major military charitSes.
Grant Maklng Pollcv
The CharitV'5 grant5 are directly related to the total amount that it can glve away each year, as dictated by
the drawdown of rese￿e5 and the success of Head Offlce fundraising. Withln this restriction the Charity aims
to provide os many eligible beneficiaries as P055ible with the equivalent of a meal a day. The FCDO award
wlll allow The Lea8ue to increase this support to the equivalent of two meals a day.
Key Management Personnel
The key management personnel are considered to be the Secretary General, the Controller Finance and the
Controller Welfare, The Trustees review the salaries for these staff annually, making a pay award based on
market salaries.
Plans for Future Periods
The malorlty of RCEL countries did qualify for the FCDO award with funding confirmed in time for 2021
SCOWP. For those countries that do not qualify, RCEL will endeavor to ensure that similar support will be
delivered to them from grants from the RCEL portfolio of funds, fundraising and of the major Setvice
Charities generous donations. With the use of public funds, there remains a comprehensive reportin8
requirement which will fall to RCEL and the Member Organi5ation5 to deliver. Some countries are considered
to be a greater risk and a significant amovnt of work by RCEL HQ and Member Orgonisations has been
undertaken in order to reduce rlsk to an acceptable level. The introduction of Quarterly reporting by
Member Organisations coupled to annual Due Dillgence has increased oversight and provlded more timely
and accurate information. In addition, Honorary Representatives have taken an active role supporting
Member Organisations on the Bround and as5iStin8 Wlth light touch oversight.
The Royal Brltish Legion has generously agreed to contlnue its support for Commonwealth veterans and
their widows for another 2 years to the end of 2022. The League is extremely Brateful for this enhanced
Support, which doubles the annual unrestricted grant from 2018 and allow5 RCEL Head Office to remain in
HaiE House, with full Information Management and Technology IIM&TI and administrative Support.
Agency work comprises a significant proportion of the Charity's workload and thi5 will continue. There is a
decrease from 897 in 2019120 to 703 in 202012021, administered by Controller Welfare and Grants. Most of

Royal Commonwealth Ex-ServiGes League
Trustees, report
this decrease can be attributed to the difference between a 12-month versus 15-month reporting period.
The value of grants disbursed has largely increased and Controller Welfare and Grants 5pend5 some 30% of
his time in direct support of the 40 or so military charities who have less global reach than the League.
Work 15 now underway to consider the longer-term future of the League beyond the FCDO Programme
which is due to finish In March 2024. This proJect will consider both future sources of funding and the future
role of the League supporting both declining numbers of pre-independence veterans & widows and
contemporary veteran5 around the commonwealth.
Related parties
One of the Trustees is a150 a trustee of another or8anlsatlon wlth which the League has dealin8s. This Is
detailed In note 21 to these financial statements.
Audltors
The Trustees have confirmed that so far a5 they are aware, there Is no relevant audlt Information of which
the League's auditors are unaware, and that they have taken all steps that they ought to have taken as
Trustees in order to make themselves aware of any relevant audit informatlon and to e5tab115h that the
League's auditors are aware of that information.
Mazars LLP have si8nified their willingness to continue in office and a resolution to re-appoint them as
uditors will be proposed at the forthcomin8 Executlve Committee Meetin8.
This report has been prepared In accordance with the special provisions of The Companies Act 2006 relatin8
to small entitles.
Approved by the Trustees on 8th July 2021 and slgned on their behalf by
Major U Cleminson BEM TD
Trus
ee
Mrj M Ar(￿.
er
Trustee
io

Independent auditor's report to the Trustees of
Royal Commonwealth Ex-services League
Opinion
We have audited the financial statements of Royal Commonwealth Ex-services League (the 'charl￿) for the
year ended 31 March 2021 which comprise the Statement of Flnancial Activities, the Balance Sheet, Statement
of Cash Flows and notes to the financial statements, including a summary of 5igniflcant accounting policies.
The financi31 reporting framework that ha5 been applied in their preparation is applicable law and United
Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and
Republic of Ireland. (United Kin8dom Generally Accepted Accounting Practice).
In our opinion, the financiol statements..
give a true and fair view of the state of the chariV5 affairs a5 at 31 March 2021 and of its income
ond expenditure for the year then ended,.
have been properly prepared in accordance with United Kingdorn Generally Accepted Accounting
Practice; and
have been prepared in accordance wlth the requirements of the Companies Act 2Q)6.
Basls for oplnlon
We conducted our audit in accordance with Internatlonal Standards on Audltlng IUKI IISAS IUKII ond appllcable
law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the
audit of the financial statements section of our report. We are independent of the charity in accordance with
the ethical requirements that are relevant to our audit of the financial Statements in the UK, includin8 the
FRC'5 Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these
requirements. We believe that the audit evidence we have obtained Is sufflcient and appropriate to provlde a
basis for our opinion.
Conclusions relatlng to golng concern
In auditin8 the financial stalements, we have concluded that the tru5tees' use of the Boin8 concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not idenlified any material uncertalnties relating to events
or condition5 that, individually or collectively, may cast significant doubt on the charity's ability to continue as
a goin8 concern for a period of at least twelve months from when the financial statements are authorised for
Issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are descrlbed in the
relevani sections of this report.
Other Informatlon
The other information comprises the information included In the annual report, other than the flnancial
statements and our auditor'5 report thereon. The trustee5 are responsible for the other information. Our
opinion on the financial statements doe5 not cover the other information and, except to the extent otherwise
explicitly stated in our report, we do not express any form of assurance concluslon thereon.
In connection with our audit of the financial statements, our responsibility is to read the other Information
and, in doing so, consider whether the other information is materially inconslstent with the financial
statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially
misstated. If we identify such material inconsistencies or apparent material misstatements. we are required
to determine whether there 15 a material misstatement in the financial statements or a material misstatement
of the other information. If, based on the work we have performed, we conclude that there is a material
misstatement of thi5 Other informatlon, we are required to report that fact.
We have nothing to report in thi5 regard.

Independent auditor's report to the Trustees of
Royal Commonwealth Ex-services League
Oplnlons on other rnatters prescrlbed by the Companles Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the Trustees, Report which includes the Directors, Report prepared for the
purposes of company law, for the financial year for which the financial statements are prepared is
conslstent with the financial statement5; and
the Directors, Report included within the Trustees, Report has been prepared in accordance with
applicable legal requirements.
Matters on which we are required to report by exceptlon
In liBht of the knowledge and understanding of the charlty and its environment obtained in the course of the
audit, we have not identified material misstatements in the Director5, Report included within the Trustees,
Report.
We have nothing to report in respect of the followlng matters In relation to which the Companies Act 2006
requlres us to report to you if, in our opinlon..
adequate and proper accounting records have not been kept, or returns adequate for our audlt have
not been received from branches not visited by u5,. or
the financial statements are not in agreement with the accountlng record5 and returns,. or
certain disc105ure5 of trustees, remuneration specified by law are not made,. or
we have not received all the information and explanations we requlre for our audit.
Responslbllltles of Trustees
As explained more fully in the Irustees, responsibilities statement set out on page 5, the trustees Iwho are
also the directors of the charitable company for the purposes of company lawl are responsible for the
preparation of the financial statements and for being satisfied that they give a true and fair view, and for such
internal control as the trustees determine Is necessary to enable the preparation of financlal statements that
are free from material mSsstatement, whether due to fraud or error.
In preparing the financial Statements, the trustees are responsible for assessing the charity's ability to continue
as a going concern, disclosin8, as applicable, matters related to going concern and using the going concern
basis of accounting unless the trustees either intend to liquidate the charity or to cease operatSons, or have
no realistic alternotive but to do so.
Auditorf5 re5ponslbllltles for the audlt of the flnanclal statements
Our objectives are to obtain reasonable assurance about whether the financial statements a5 a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our
opinion. Reasonable assurance is a high level of a55urance but Is not a guarantee that an audit conducted in
accordance with ISAS IUKI w511 alway5 detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered materlal if, individually or in the aggregate. they could reasonably be
expected to influence the economic decisions of users taken on the basis of the financial statements.
Irregularities, intluding fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilitie5, Outlined above, to detect material misstatements in respect of
irregularities, including fraud. Based on our understanding of the charity and its activities, we identified that
the principal risks of non-compliance with law5 and regulations related to the Charities Act 2011, the Charities
Statement of Recommended Practice, UK tax legislation, pensions legislation, employment regulation and
health and safety regulation, anti-bribery, corruption and fraud, money laundering, non-compliance with
implementation of government support schemes relating to COVID-19, and we considered the extent to which
non-compliance might have a material effect on the financial statements.
12

Independent auditor's report to the Trustees of
Royal Commonwealth Ex-services League
Auditorf5 responslbllltles for the audit of the financlal statements {contlnued)
We also considered those law5 and regulations that have a direct impact on the preparation of the financial
statement5, such as the Companies Act 21XJ6.
We evaluated the trustees, and management's incentives and opportunities for fraudulent manipulation of
the financial statements lincludin8 the risk of override of controls) and determined that the principal risk5
were related to posting manual journal entries to manipulate financial performance, management bia5
through judgements and assumptions in Significant accountln8 estimates, in particular in relation to use of
restricted funds, and SiBnificant one-off or unusual transactions.
OUT audit procedures were designed to re5pofbd to those identlfied risks, including non-compliance wlth laws
and re8ulations lirregularitiesl and fraud that are material to the financial statements. Our audit procedures
included but We￿ not limited to:
Dlscussing with the trustees and management their pollcies and procedures regardin8 compliance with
laws and regulations;
Communicating identified laws and regulations throughout our engagement team and remaining alert to
any indlcations of non-compliance throughout our audit,. and
Considering the risk of acts by the charity which were contrary to appllcable laws and regulations,
includlng fraud.
Our audlt procedures In relatlon to fraud included but were not limited to:
Making enquiries of the tTUStees and mana8ement on whether they had knowledge of any actual.
Suspected or alleged fraud.
Gaining an understandin8 of the internal controls established to mitigate risks related to fraud,.
Oiscussing amongst the engagement team ihe ri5k5 of fraud,. and
Addressing the risk5 of fraud throu8h management override of controls by performin8 journal entry
testing.
There are inherent Ilmltations in the audit procedures descrlbed above and the primary responsibility for the
prevention and detection of irregularities including fraud rests with management. As wlth any audit, there
remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentlonal
omissions, misrepresentations or the override of internal controls.
A further description of our responsibilities for the audit of the financial statement5 15 located on the Financial
Reporting Council's website at www.frc.or
auditorsres onsibilities. This description forms part of our
auditorfs report.
Use of the audit report
This report is made solely to the charitV'5 members as a bo¢Jy In accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken so that we might state to the charitv's members
those matters we are required to state to them in an audltor's report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume re5pon5ibility to anyone other than the charity and the
charity's members as a body for our audit work, for this report, or for the opinions we have formed.
signed..
Rlchard Bott (Senior Statutory Audltor)
for and on behalf of Mazar5 LLP
Chartered Accountants and Statutory Auditor
6 Sutton Plaza, Sutton Court Road, Sutton SMI 4JQ
Date: 29 July 2021
13

Royal Commonwealth Ex-services League
Statement of financial activlties
For the year ended 31 March 2021
Notes
Unrestrl¢ted
De$i£nated
Restricted
Total funds
12 months 10
31 Mar 2021
Total fund5
15 months to
31 Mar 2020
Inote Zl
fund5
funds
funds
In¢ome
Donatlon5 leBade5
Donations. grants and appeals
FCDO grant
Le8acies
648,651
10,000
785,547
2,092.184
1,444,198
2,092,184
1.898.111
2.979,040
262,374
Incomq fiom Sn¥e51ffl¢nts
19.044
22
63
19,129
43,760
Tol•l Income
667,695
10,022
2,877,194
3.555,511
5,183,285
Exp•ndliur•
ExpEndltur• ofi ralslrb8 fundi
Fundr3lsln8 COSIS
Poppy supplles and Irel8ht
charges
45,782
45,782
54,852
37,013
37,013
42,935
82.795
82,795
97.787
Expenditure ofi ch4dt•bl•
Brtlvltles
RCEL wclfare 8rants
FCDO grant
1,110,610
99
791,454
2,583,496
1,902,163
2,583,496
2,724,937
2,48Q,966
Tot•1 ?xpendlture
1.193,405
99
3,374,950
4,568,454
5,303.690
Net lexpendhyrelllncom•
before Investment
8•lnsllloss•sl
1525,7101
9,923
1497.1561
11.012,9431
1120,4051
G•ln$lllosse51 on In￿StMen
143,880
143,880
113,9151
Net lexpendlturelllncorne
befor¢ tr•n$f4rs
1381.8301
9,923
1497,1561
1869,0531
1134,3201
Tiinslers between tunds
130,0001
30,000
Net mov•ment Inlunds
1411,8301
39,923
1497.1561
1869.0631
1134,3201
Total funds breught forward
1176,291
79.545
643,696
2,899,532
3.033,852
Tol•l funds carrled forwird
16.A7.18,19
1,764,461
119,468
146,540
2.030,469
2,899,532
There are no re£o8nised Kain5 or losses other than those Included above.
All amounts relate to continuing activltles.
14

Royal Commonwealth Ex-services League
Balance sheet as at 31 March 2021
2021
2020
Notes
Flxed assets
Intangible assets
Investments
12
13
1,660.943
1,748,388
1,660,943
1,748,388
Current assets
Debtor5
Cash at bank and in hand
14
38,818
409,351
42,331
1,163,102
448,169
1.205,433
Credltors: arnounts folllng due wlthln
one year
15
178,6431
154,2891
Net current assets
369,526
1,151,144
Net asset5
19
2,030,469
2,899,532
Represented by:
Unrestricted funds
De518nated funds
Restrlcted funds
16
17
18
1,764,461
119,468
146,540
2.176,291
79,545
643,696
2,030,469
2,899,532
These financial statements have been prepared in accordance with the special provisions of the Companie5
Act 2006 relating to small entities.
Approved by the Trustees on 8 Juw 2021 and signed on their behalf bv
Major U Cleminson BEM TD
Trustee
Ai £ knJc7
Mr l M Archer
Trustee
15

Royal Commonwealth Ex-services League
Statement of Cash Flows for the year ended 31 March 2021
12 months to
31 Mar 2021
15 months to
31 Mar2020
Cash flows from operatln8 artivities
Net {expenditurel
Adjustments for..
Amortisation
IGainl/loss on investment5
Interest income
Trade and other debtors
Trade and other creditors
(869.0631
1134,320)
112
13,915
143,7611
18.2061
33,252
1143,8801
119,1291
3,513
24,354
Cash flows lused In) Dperatln8 artlvltles
11.004,205}
1139,0081
Cash flows 8ener?led in investing actlvltles
Purchase of investments
Proceeds on dlsposal of investments
Interest received
118,6751
250,000
19,129
149,1451
I,￿O.0C0
43,761
Cash flows ienerated from Investln8 actlvltles
250,454
994,616
Net Idecreaselllncrease In cash
(753,7511
855,608
At l Apr2020
Movement In cash
At 31 Mar 2021
Cash at bank
1,163,102
1753,7511
409,351
Purchases of investment5 and proceeds on disposals of investments include transltions made by the
investment managers in order to change the equities held by the portfolio as well as additions to or
withdrawals from the portfolio.
16

Royal Commonwealth Ex-services League
Notes to the financial statements
For the 15-month perlod ended 31 March 2021
Accountlng pollcle5
Basis of preparatlon
The financlal statemenls have been prepared in accordance with Accounting and Reporting by
Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in
accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS
1021 (effective l January 20151- Icharities SORP IFRS 10211.
The Finance Sub-committee has reviewed detailed cash flow projections to l October 2022 and
have agreed detailed budgets for the year ended 31 March 2022. Both sources of Income and types
of expenditure have been reviewed. Whilst one of the main charitable purposes of the charity is to
provide grants to veteran5 and widows in need, the level of this necessary expenditure is at the
discretion of the Trustees and can be adlusted durln8 the year. The Trustees have also consldered
the charity's working capital and capital expenditure requlrements. Finally* Trustees have
considered the impact of Covid-19 both operationally and financially. As a result of the fore80ing
the trustees ore satisfied that it is appropriate to prepare the accounts on a golng concern basis.
Royal Commonwealth Ex-servlces Lea8ue meets the definition of a public benefit entity under FRS
102. Assets and liabilities are initially reco8nised at historlcal cost or transaction value unless
otherwise stated in the relevant accounting policy notels).
Income
All income Is included in the Staternent of FinancSal Activities when the Charity 15 legally entltled to
the income and the amount can be quantified with reasonable accurary.
expendlture
All expenditure is included on an accruals basls. Where costs cannot be directly attrlbuted to
particular headin8S they have been allocated to activities on a basis consistent wlth the use of the
resources.
Fundraising Costs are those incurred in seeking voluntary contributions.
Support costs are allocated between activities based on the use of resources.
Grant expenditure
Grants are included when the Charity is comrnitted to makin8 the payment and the recipient has
been notified of the grant.
Fund accounting
Unrestricted funds are available for use at the discretion of the Trustees In furtherance of the
general objectives of the Charity.
Designated funds comprise unrestrlcted funds and have been set aside by the Trustees for particular
purposes.
17

Royal Commonwealth Ex-services League
Notes to the financial statements
For the 15-month period ended 31 March 2021
Accountlng pollcles (contlnued)
Restricted funds are funds which are to be used in accordance with Specific restrictions imposed by
the donor5.
Depreclatlon
Depreciation of fixed a55et5 is provided so as to write off their costs over their estimated useful lives
and 15 calculated at the following rates:.
Office equipment- 20-25% per annum on a straight line bas15
Computer equipment- 33% per annum on a straight line basis
Amortlsatlon
Webslte and software cost5 are capitali5ed a5 intangible fixed assets and amortisation is provided
so as to write off their costs over their estimated useful lives and is calculated at the followlng rate..
Web51te- 20% per annum on a stralght line basls
Investments
Investments are stated at market value at the balance sheet date. The statement of Financlal
Activitie5 includes the net gains and losses arising on revaluations and disposals durin8 the perlod.
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount
offered. Prepayments are valued at the amount prepaid net of any trade discounts due,
1.10 Creditor5 and provlslans
Creditors and provisions are recognised where the Charity has a present obligation resulting from
a past event that will probably result in the transfer of funds to a third party and the amount due
to settle the obligation can be measured or estimated reliably. Creditors and provisions are
normally recoBnlsed at their settlement amount after allowing for any trade discounts due.
1.11 Flnanclal Instruments
The Charity only has financial assets and financial liabilitie5 of a kind that qualify a5 basic financial
instruments. Basic financial instruments are initially recognised at transaction value and
Subsequently measured at their settlement value.
1.12
Foreign currency translation
Tiallsaction5 in foreign currencie5 are recorded at the rate ruling at the date of the transaction.
Monetary assets and liabilities are retranslated at the rate of exchan8e ruling at the balance sheet
date. All difference5 are taken to the Statement of Financial Activities.
18

Royal Commonwealth Ex-services League
Notes to the financial statements
For the 15-month period ended 31 March 2021
Comparatlve Statement of Finan¢lal A¢tl¥ltles- IS month perlod ended 31 March 2020
Unr•strlcted D•slgnated
funds
funds
Restrlrted Total fund5
funds
2020
Income
Donatlons and lega¢les
Oonatlons, grants and appeals
FCDO grant
Legacies
908,296
989,815
2,979,040
500
1,898,111
2,979,040
262,374
261.874
Income from Inv•stments
43,036
116
608
43,760
Total Incorn•
1,213,206
116
2,969,963
5,183,285
expendlture
Expendlture on ralslng funds
Fundraising costs
Poppy supplies and frei8ht charges
54,852
42,935
S4,852
42,935
97,787
97,787
Expendlture on ¢harlt4ble octlvltles
FCDO grant
Welfare
2,480,966
1,055,605
2,480,966
2,724,937
640,083
1,029,249
Total exp•ndltur•
737,870
1,029,249
3,536,571
5,303,690
Net lexpendlturelllncome before
Snve5tment 8aSns
475,336 11,029,133)
433.392
1120,4051
{L055e51 on Investment assets
113,9151
113,9151
Net lexpendltur¢lllncome before transfers
461,421 11,029.1331
433,392
1134,3201
Transfers between funds
114,7981
30,000
115,2021
Net movement In funds
446.623
1999,1331
418.190
1134,3201
Total funds brou8ht forward
1.729,668
1,078,678
225,506
3,033,852
Total funds carrSed forward
2,176,291
79,545
643,696
2,899,532
19

Royal Commonwealth Ex-services League
Notes to the financial statements
For the 15-month period ended 31 March 2021
Donations, Grants and Appeals
Unrestrlcted
funds
Deslgnated
funds
Restri¢ted
fund5
12 month5
to 31 Mar
Z021
Total funds
Afflllation fees
4CII
41Xl
Donatlons from Member Or8anisatlons
Donatlons In kind from Member Organisallon
(see note al
Contribution5 from external funds to
admlnlstratlon Isee note bl
Other donations
242,652
10,000
252,652
72,928
72,928
55,473
55,473
277.198
785,547
1,062,745
648,651
10,000
785,547
1,444,198
Unrestrl¢ted
funds
De518nated
funds
Re5trlcted
funds
15 months to
31 Mar 2020
Total funds
Affiliation fees
400
Donatlons from Member Organlsations
DonatlDn5 in klnd from Member OrganisatSon
15ee note al
Contributions from external funds to
administration (see noie bl
242,574
242,574
95,600
95,600
56,624
56,624
Other donations
513,098
989,815
1,502,913
908.296
989,815
1,898,111
a. The donations in kind from The Royal British Legion were made up as follows'.-
12 months to
31 Mar 2021
15 months to
31 Mar 2020
DonatSon of lapel poppie5
Free office accommodation and Services
30.198
37,278
42.730
58.322
72,928
95.600
20

Royal Commonwealth Ex-services League
Notes to the financial statements
For the 15-month period ended 31 March 2021
Donations, Grants and Appeals {continuedl
b. The following charitles have made donatlons to contribute to the League's administration c05tS.'_
12 months
to 31 Mar
2021
IS month5
to 31 Mar
20ZO
Royal Alr Force Benevolent Fund
ABF The Soldlers. Charity
15,473
11,624
20,0fy3
25.000
The Offlcers. Association
20,000
20,Th)0
55,473
56,624
Income from Investment$
Unrestrlcted
funds
D•slgnated
funds
Restrlrted
lunds
12 months
to 31 Mar
2021
Total funds
Divldend Income
14,771
14,771
Interest on flxed dep051t
Other bank deposit Interest
3,676
3,676
597
22
63
682
19,044
22
63
19,129
Unrestrlcted
funds
Desl8nated
funds
Restrlcted
funds
15 months
to 31 Mai
2020
Total funds
Dividend Income
30,373
30,373
Interest on fixed deposit
9,354
9,354
Other bank dep051t interest
3,309
116
608
4,033
43,036
116
608
43,760
21

Royal Commonwealth Ex-services League
Notes to the flnanclal statements
For the 15-month period anded 31 March 2021
Fundralsln8 Costs
12 months to
31 Mar 2021
15 months to
31 Mar 2020
Direct fundralsln8 Costs
Support ¢0st$15ee note 81
5,703
40,079
2,532
52.320
45,782
54,852
All amounts relate to unrestricted funds in both periods.
RCEL welfare grants
Unr•strScted
funds
Desllnatod
fund5
Restrlded
fund5
12 months
to 31 Mar
2021
Total funds
Fund5 adrnlnlstered and dlsbursed on behalf of other
charltles
718,759
718,759
Grant5 to Member Organlsatlons
988,674
72.551
1,061,225
Prolect Brants
14,467
14,467
Welfare tour ¢ostS
12,5591
110,027
12,5591
Support costs (see nore 81
99
145
110,271
1,110,609
791,45S
1,902,163
15 months
to 31 Mar
2020
Total funds
Unre5trlrted
funds
Des18nated
funds
Restrlcted
tunds
Funds adminlstered and disbursed on behalf of other
charltles
925,617
925,617
Grants to Member OrBanisatlDns
286.035
I,000,o()J
124,568
1,410,603
Project grant5
11,775
11,775
Welfare tour costs
35,158
35,ISS
Support eost515ee note 81
307,115
29,249
5,420
341,784
640,083
1,029,249
1,055.605
2,724.937
22

Royal Commonwealth Ex-services League
Notes to the financial statements
For the 15-month period ended 31 March 2021
Welfare l¢ontlnued)
The number of individual cases asslsted during the period was as follows:_
2Q21
2020
Number
Number
From the Charity's own funds
Funds administered and disbursed on behalf of other charities IAgency
workl
5,231
703
7,305
897
5,934
8,202
The above totals reflect the number of cases whlch recelved dlrect payment from the Charity as dlstlnct
from bulk grants to Member Organisation5 for local benevolence work. It should be noted that due to the
Government of India Forelgn Contribution Regulation kt IFCRAI 2010 and 2020, RCEL has been unable to
send further funds to 1,222 Indian beneficiarie5. In addition, due to 155ue5 Wlth governance, grants could
not be sent to 222 veterans in Tanzania this year hence the significant fall In cases assisted. Funding for both
India and Tanzania could not therefore be claimed from FCDO, however the number of beneficiaries in some
other countrie5 has increased drlven by the addition of widows and increased awarene55 of the programme.
Further detalls of grants to Member Organisatlon5 and Project grants can be obtained from the Charity's
Annual Report and copie5 of this publlcatlon can be obtained from Lt Col CF Warren1Secretary Generall,
Royal Commonwealth Ex-servlces League, 199 8orou8h High Street, London, SEI IAA.
FCDO
Unrestrlcted
funds
Oeslinated
funds
Restrlct•d
funds
12 months
to31 Mar
2021
Total funds
15 months
to 31 Mar
2020
Total funds
Income
FCDO incoffle - wellare
1,919,237
1,919,237
2,420,547
FCDO income - operatlonal
172,947
172,947
558,493
2,092,184
2,092,184
2,979,040
Expenditure
FCDO welfare Brants
2,159,989
2,159,989
2,CQ8.113
FCDO other costs
423,507
423.507
472,853
2,583,496
2,583,496
2,480.966
23

Royal Commonwealth Ex-services League
Notes to the financial statements
For the 15-month period ended 31 March 2021
Allocatlon of support costs
12 months to IS months to
31 Mar 2021
31 Mar 2020
Total fund$
Total funds
Welfare
CDO other ¢osts
Fundralsln8
staff costs (see note 91
Confeiences & meetln8S
Office accommodatlon & services
76,927
2,981
3,651
1,427
357,177
2,266
31,865
17081
15,3281
3.880
14.075
21,284
406
455,388
5,653
44.369
547.973
49,442
76,753
74,334
38,970
8,853
75
Travel & subslstence cost5
794
Safe8uardin8
Delivery expenses
Other costs
15,3281
3.880
19,042
17,981
6.076
4,842
20,151
Legal costs
Audltor's remuneratlon
9,050
2,385
16,277
Audlt
6,359
4,725
3,283
3,132
2,327
1,617
9.491
10,650
Other service5
11,230
18,282
4,900
27,149
4,663
Annual report
Tolal Isee notes 5 and 61
110,271
423.507
40,079
573.857
866,957
Governarsce costs comprise audit and accountancy fees and the cost of preparing the annual report,. these
total £32,67312020- £42,4621. Where cost5 cannot be directly attributed to particular headin85 they have
been allocated to activities on a basis consistent with the use of the resources.
St•ff costs
12 months to
31 Mar 2021
Total funds
15 months to
31 Mar 2020
Total funds
Wages and salarle5
Social security costs
Pension costs (see note 111
Staff insurance and health care
326,333
32,548
30,667
36S,9OJ
39,056
43.189
12,804
13,932
Overseas project offlcers Icontraci staln
53,036
85,896
Staff costs
455,388
547,973
The number of employees throughout the period was 11115 month period ended 31 March 2020.. 101
24

Royal Commonwealth Ex-services League
Notes to tho financlal statements
For the 15-month period ended 31 March 2021
Staff cost5 Icontlnuedl
Staff costs overall have decreased reflecting a 12 month versus 15 month comparison. Costs per month have
increased sllghtly year over year due to the addition of one FCDO-funded p05t, a full year as opposed to partial
year, of all FCDO-funded posts and a halldover period between key staff due to retirement.
One employee received emoluments of between £70,¢)00 and £79,999 per annum in both years.
Key management personnel are the Secretary General, the Controller Finance and the Controller Welfare.
The total employee benefit5 of the key management personnel of the Charity for the year ended 31 March
2021 were £216,035115 month period ended 31 March 2020: £240,590).
io
Trustees
No Trustees received any emoluments durlng elther period.
Durin8 the pefiod 2115 month perlod ended 31 March 2020.. 111 of the Trustees were reimbursed for travel
expenses, totalling £220115 month period ended 31 March 2020.. £3,229), The decrease reflects the impact
of the Covid pandemic which has necessltated holding virtual rather than face.to-face meetings.
li
Penslon costs
The 7 members of staff based in the UK benefit from a non-contributory flxed percentage lof salary) pension
scheme. During the year the Charity paid contributions of £30,667115 month period ended 31 March 2020..
£43,189).
12
Intsn8ible Ilxed assets
Web51te
Cost
Balance at l April 2020 and 31 March 2021
2,063
Deprec5atlon
Balance at l April 2020 and 31 March 2021
2,063
Net book value
At 31 March 2021
At 31 March 2020
25

Royal Commonwealth Ex-services League
Notes to the financlal statements
For the 15-month period ended 31 March 2021
13
Investrnents
2021
2020
At l January
Additlon5
Disp05als
Reallsed and unreallsed11055e51 on portfolio
Movement in cash
1.748.388
18,675
1250,0001
43,8801
2,713,L59
49.144
11,crfJo,0001
113,9151
Market value at 31 March
1,660,943
1,748,388
Hlstorl¢al cost
824,334
1,074,334
The portfolio did not Include any individual 5hareholdin85 in exce55 of 5% of the total.
14
Debtors
2021
20ZO
Accrued Interest
Prepayments
Other debtors
1,006
37,812
1,495
38,046
2,790
38,818
42,331
26

tyD

Royal Commonwealth Ex-services League
Notes to the financial statements
For the 15-month period ended 31 March 2021
18
Restrlcted funds
AtIApr
2020
Income
Exp•ndlture
Transfers
At31 Mar
2021
FCDO
The Askari Appeal
Prince Phillp Lodge Fund
Auchlnleck Appeal
Legacy.. Indian Army A55OClatlon
TRBL Women's Sectlon
811nd Veteran5 UK
Queen Mary's Roehampton Trust
Afrlcan Veterans
M St I Way Charilable Trust
Funds admlnlstered on behalf of
other charltles la8enty workl
Other reslricied grants
498,074
53,304
163
2,092,184
211
12,583,496)
1721
6,762
53,443
163
21,469
31,031
17,500
218
1721
21.615
31,031
17,500
10,000
19.690
Is.000
10.000
4,000
717,318
iio,0001
119,6901
Iis.0001
15.6881
14,0001
1718,7591
4.312
13,155
11,714
9,000
9,173
118,1731
643,696
2,877,794
13,374,9501
146,540
Atllan
2019
Income
Expendlture
Tr•nsfers
At 31 Mar
2020
FCDO
2,979,040
3,540
12,480,966)
16,4301
498,074
53,304
163
21.469
31,031
The Askarl Appeal
Prince Phi1Sp Lod8e Fund
Auchlnleck Appeal
Legacy.. Indlan Army A55oclation
Gurkha Welfare Trust
TR8L Women's Section
Blind Veterans UK
Queen Mary'5 Roehampton Trust
Royal Navy Royal Marine5 Charity
Funds administered on behalf of
other charitie5 (agency workl
Other restricted 8rantS
71.396
163
115,2021
21,239
31,031
12,830
30,0
320
1901
112,8301
112,5001
125,2001
120,0001
152,9381
1925,6171
17,500
25,200
20.000
30,000
911,863
22,938
26,909
13.155
9,000
9,000
225.506
3.969,963
13.536,5711
115,2021
643.696
29

Royal Commonwealth Ex-services League
Notes to the financial stataments
For the 15-month period ended 31 March 2021
18
Restrlcted funds (contlnuedl
The transfer5 to/from restricted funds reflect income initially recorded a5 being unrestricted and
reclassified as being restricted on further review and similarly restricted expenditure on 'Other restricted
grants, previously recorded withln unrestricted expenditure.
In January 2019, the League signed a Contract with the Department for International Development IDFIDI
which has slnce been merged with the Foreign and Commonwealth Offlce IFCOI to form the Foreign,
Commonwealth and Development Office IFCDOI lo deliver £11.7 million of UK Aid to Commonwealth
Veterar)s over a 5-year period.
The Askari Appeal is for welfare for veterans of The King'5 African Rifles and other East African armed forces
veterans who served the Crown.
The Prince Philip Lodge Fund is for the provision of temporary accommodation in Kent for Commonwealth
ex-servicemen visitinglreturnin8 to the UK.
The Auchinleck Appeal is foi individual welfare for veterans of the Brit15h Indian Army, Navy and Air Force
who served the Crown.
Indian Army Association- £80,OCQ was distrlbuted In 2014 but no further distributlons were made in either
period. These funds will be spent on beneficiaries as and when the need arises.
Gurkha Welfare Trust The Trust has asked RCEL to dlstrlbute welfare payments to thelr eliglble veterans
and widows Ilvlng In Burma. All reside in the Maymyo area. The grant IS to cover the 3-year period of 2017-
2019.
Burma Star A550ciation - Many of those 5UPPOrted by RCEL are holders of the Burma Star medal. On an
annual basis, The Burma Star Association considers awardin8 a grant to RCEL to support those who are
Burma Star holders around the world but who they are unable to reach.
TR8L Women's Section A restricted grant ha5 been awarded to widows in India and Le50tho. Historically
this has been £10,000 each year. In 2016 RCEL received an addltional grant of £50,000 for the followin8 5
vears of 2017-2021 at a rate of £10,000 per year.
Blind Veterans UK
A restricted 8rant is awarded to their beneflclaries across our Member
Or8anisation5. All of the annval 8rant15 expended each year.
The Queen Mary's Roehampton Trust fund represents funds to support disabled veterans.
The African veterans fund represents funds raised by orse of our veterans in Ghana, Joseph Hammond, to
5UPPOrt veterans in Ghana and other countries in West Afrlca.
M St J Way Charitable Trust fund represents funds to 5UPPOrt veteran5 in Lebanon.
The RAF Benevolent Fun(1 represents funds to support RAF veterans.
The Royal Navy Royal Marines Charliy fund- represents funds to support Na￿ and Marine veterans.
Fund5 administered on behalf of other charities This is a Significant area of work undertaken by RCEL.
RCEL supports over 40 military charities that do not have the global reach to support their veterans across
the world. Through the network of RCEL Member Organisations welfare cases are reported, investigated
and beneficiaries supported in whichever country in the world they are living. There 15 likely to be a
discrepancy between the incoming and outgoing resources due to annual reporting (some fund5 are
received before the period end but not paid out until the following period), beneficiarie5 either passing
away or no longer being eligible Iso that money has to be refunded to the donor charity) or monèy held
until good governance is completed in country.
30

Royal Commonwealth Ex-services League
Notes to the financial statements
For the 15-month period ended 31 March 2021
19
Analysls of net assets between fvnds
Unrestrlcted
funds
Deslgnated
funds
Restrlcted
funds
Total funds
2021
Investment5
1,660,943
1,660,943
Current Assets
182,161
119,468
146,540
448,169
Current liabilitie5
178,6431
178,6431
1,764,461
119.468
146,540
2,030,469
Unrestrlcted Deslgnated
funds
funds
Restrlcted
funds
Total funds
2020
Investments
1,748,388
1,748,388
Current assets
482,192
79,545
643,696
1,205,433
Current IlabllltSes
154,2891
154,2891
2,176,291
79,545
643,696
2,899,532
20
Funds held on behalf of Member Or8anlsatlons
At 31 March 2021 the League held bank balances on behalf of 5 Member Organisations totallin8 £96,934
131 March 2020.. E98,7181. The Lea8ue has no control of these funds which it administers on behalf of the
organisations concerned and therefore these funds have not been incorporated into these financial
statements.
21
Related parties
Donations have been received from these related parties durlng the period:
12 month5 to 31 Mar 2021 15 months to 31 Mar 2020
Total fund5
Total funds
The Royal British Le8ion annual donatlon
240,000
240,CKJO
The Royal Brit15h Legion15ee note 3a)
The Royal Britlsh Legion Iwomen's section)
The Royal Britlsh Legion Iconferencel
The 8urma Star Association
72,928
95,6(X)
io,oc(I
io,c
10,000
31

Royal Commonwealth Ex-services League
Notes to the financial statements
For the 15-month period ended 31 March 2021
21
Related parties (continued)
TRBL - The Royal British Legion ITRBLI are one of the Founder Members of The League. Every beneficiary
of a RCEL grant or beneficiary of Agency WO￿ undertaken by The League is eligible for support from TR8L.
TRBL'5 prime focus are those eligible beneficiaries who reside in the UK and The League support5 those who
reside in Commonwealth Countries and other countries where eligible beneficiaries have chosen to live. In
return for the support provided overseas by RCEL, TRBL as a Founder Member and through h15torlcal
precedent and agreement provide5 office accommodation, services and an annual grant of £240.000 for
welfare support to Commonwealth Veterans and their widows.
The Chairman of TRBL Is a Trustee of RCEL. The individual Trustee concerned changes as the Chairman of
TRBL changes. The Chairman of TRBL 15 also a Trustee of The Officers, Association10A1. RCEL undertakes
restricted Agency work on behalf of the OA for specific beneficiarie5 overseas and recovers the cost of this
work.
ZZ
Posi balance sheet event
On 21 April 2021, the UK Government announced that fundin8 for the Commonwealth Veteran5
Programme had been protected durin8 the FCDO business planning proce55 whlch encompassed a
signlflcant reduction in overall Official Development Assistance IODAI spend. Furthermore, because of the
increase In beneficlary numbers on the programme, and the requirement to reduce the size of Sndividual
8rants to meet the programme budget, an additional £219,544 was provlded by FCDO to enable gionts to
be maintained at the same level. At this stage it is not clear if these fund5 will be additlonal to the ori8inal
bud8et of £11.7M or offset against years 4 ané S of the programme.
32